South Korea and Mongolia have agreed to elevate their bilateral ties to a strategic partnership.
President Moon Jae-in held a virtual summit on Friday with his Mongolian counterpart Ukhnaagiin Khurelsukh and discussed ways to expand forward-looking cooperation.
"Mongolia and South Korea will elevate bilateral ties to a strategic partnership today. Firmly hand in hand, we are headed toward another, new 30 years. We will be able to cooperate in sectors, including eco-friendly, investment, distribution and minerals and achieve co-prosperity."
To that end, the two sides say they will further develop their complementary and reciprocal economic relationship through South Korea's advanced technology and Mongolia's abundant resources.
South Korea will also seek new projects with Mongolia, as part of its New Northern Policy aimed at boosting ties with countries in the north.
It will also support Mongolia's economic recovery in the post-pandemic era.
The leaders also agreed on the importance of dialogue to achieve the complete denuclearization of the Korean Peninsula, and they pledged continued exchanges of ideas to contribute to regional peace and prosperity.
Mongolia is a key partner of South Korea's New Northern Policy and is also a member of the Seoul-led regional health initiative.
Last year, the two sides marked three decades of diplomatic relations.